Spark Plug Market Overview:

Global spark plug market is expected to reach $2,904 million by 2022, growing at a CAGR of 4.2% during the forecast period 2014 - 2022. Spark plug is an electrical device threaded into the cylinder of spark ignition engine, which produces spark at the required time to ignite the combustible air-fuel mixture in the cylinder bore. The device comprises shell, resistance, electrodes, and insulator. During the engine operation, when high tension current flows through the center electrodes, it ionizes the gas present between the electrode gap, producing spark. The modern spark plug is designed to deliver a powerful ignition spark around 500-3,500 times per minute. Temperature at the tip of the spark plug is normally between 500C and 800C.

Market Segmentation

The market segmentation is based on electrode material, application, and geography. Electrode material segment is divided into copper, platinum, and iridium. On the basis of application, the market is categorized into automobile, marine, industrial, and others (working equipment, brush cutters, scythes, mowers, saws). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is divided into the U.S., Canada, and Mexico, whereas Europe is classified into Germany, France, Italy, UK, and rest of Europe. Asia-Pacific is further segmented into China, Australia, Japan, India, and rest of Asia-Pacific. Latin America, Middle East, and Africa are considered under LAMEA.

Market Dynamics

Increase in sales and production of gasoline powered vehicles globally and rise in number of petrol-based generators, small & recreational boats, and jet skis drive the market growth. However, technical advancements to downsize automotive engines and growth in penetration of electric vehicle & electrically powered working equipment such as mowers and saws hinder the growth of the spark plug market. Irrespective of these challenges, increase in demand for natural gas-powered vehicles, technological advancements, such as new electrode material, are expected to create numerous opportunities for the market players, thus boosting the market growth.

Automobile Segment Lead the Spark Plug Market:

Automobile spark plug market led the overall spark plug market, accounting for around 80% of the overall market. This is attributed to increase in number of gasoline-powered passenger cars mostly in developing countries of Asia-Pacific and LAMEA. In addition, rise in demand for natural gas-powered vehicle further boosts the growth of the automobile spark plug market.

Asia-Pacific: Most Lucrative Market for Spark Plug:

Asia-Pacific spark plug market is the most lucrative spark plug market among other regions, owing to increase in number of vehicles in China, India, and Japan. Presence of the major car manufacturers in China and their continued commitment to invest in Asia-Pacific and growth in number of joint ventures with international brands drive the market growth. Moreover, Asia-Pacific is the largest market for gasoline & natural gas-based generator due to rise in industrialization and urbanization in developing countries such as China, India, Thailand, and Singapore, thus fueling the growth of the market.

Key Benefits of the Report

The report includes an extensive analysis of the factors that drive as well as restrain the global spark plug market.

The market projections from 2014 to 2022 are included along with the affecting factors.

The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the situations prevailing in the market.

An in-depth analysis of key segments demonstrates stakeholders with different types of electrode material and application of spark plug.

Competitive intelligence highlights the business practices followed by leading market players across various geographies.

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Spark plug is an engine component placed at the top of cylinder that initiates the combustion process inside the combustion chamber of engine. The device produces spark that ignites the air–fuel mixture. Increase in number of vehicle, small & recreational boats, and generator drives the growth of the spark plug market due to rise in disposable incomes and urbanization & industrialization in developing countries. Furthermore, rise in demand for natural gas-powered vehicle due to stringent vehicular emission rules and regulation across different geographical regions boosts the demand for spark plugs.

The automotive sector constituted largest market share owing to the growth in number of gasoline-based passenger car and two-wheeler mostly in developing countries such as China, India, Thailand, and Singapore. Moreover, iridium is the most advanced center electrode material for spark plug, which has a life expectancy of 100,000 Km—five times greater than copper spark plug. Iridium spark plugs possess properties such as long service life and improved ignitability due to fine tipped center electrode. In addition, iridium spark plug finds its application in high-end passenger cars, HCVs, and in small boats.

Considering the regional trends of the spark plug market, Asia-Pacific is projected to hold the largest market share, followed by Europe and North America. This is attributed to increase in automotive industry mostly in China, as China is the largest vehicle producer among other countries, followed by U.S.

Leading players such as NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, and Robert Bosch Gmbh are expected to explore newer techniques and applications to cater to the growing demands of customers. Collaborations and acquisitions are expected to enable them to enhance their product portfolios and expand into different geographies.

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